However, things aren’t as they seem because both the Company and its founder are going through a rough time right now, as problems are queuing up for the company. According to a report by Insider Intelligence, the tech company’s market value dropped 57% this year, the most out of all the tech companies as Apple had only a 14% loss and Amazon was faced with 26%. Coupled with that, the company has been bombarded with Lawsuits and other things.
While multiple factors have led to Meta being in this position today, the main root seems to be the rebranding. According to the article, the rebranding of the company marked a change from a social media monarch to the creator of the Metaverse that still has not developed/shared anything to match the hype that it created when it was first proposed. This in turn led to investors becoming unhappy and discontent with the progress of the project and a few even started to question the credibility of the project.
However, Meta is not the only one that is going through tough times right now in this world of confusion and economic chaos. All of the other tech companies are facing the heat from things like intensifying regulatory scrutiny, changes to privacy features on iOS, and the rise of competitors like TikTok.
Although if we talk about Meta specifically, the timing of their choice to start the development of Metaverse was very off. This was poor decision-making on the company’s behalf at the present but the declining economy of the world was not a helpful factor for the sort of environment that the project needed.
However, all hope is not lost yet as there is a way for Meta to turn things around and that is the Upcoming Connect event in which Meta is expected to release Project Cambria, updates to Horizon Worlds, and other VR and AR prototypes. This would help Meta instill the idea in its investors that the 10 billion dollars they spent on the Metaverse was not wasted and they have made some actual progress with the project.
Along with this, the company could start focusing on rebuilding its reputation as a more privacy-respecting company because for those who don’t know, Meta is notoriously famous as a data selling company.
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